Aries Capital Arranges $8.79 Million Freddie Mac Loan for CA MultifamilyMarch 6, 2015
Aries Capital has completed an $8.79 million, non-recourse, Freddie Mac loan for the La Plaza Villas in Guadalupe, California.
The La Plaza Villa apartments are located at 736-754 Olivera Street in Guadalupe, a small town situated along the Pacific Coast Highway outside of Santa Maria, California. Constructed in 2006 and 2007, the 3.3-acre property features 74 multifamily apartment units. Aries Capital previously arranged a seven-year Fannie Mae loan in 2008 for Borrowers Brad Vernon and Damien Mavis of Olivera Street Apartments, LLC.
“It is a pleasure to work with such experienced developers and operators a second time,” said the Aries originator. “The timing of the new loan worked out well, as the treasuries dropped significantly during underwriting. We were able to lock in a good rate for the borrowers and push proceeds, just a few weeks prior to closing.”
The new 10-year, fixed-rate Freddie Mac loan was closed at a rate of 4.05% and features a 30-year amortization with a 70% loan-to-value ratio. Aries Capital also secured $1.125 million in cash out for the borrowers for future projects.
“Aries Capital again made our multifamily refinance easy. They brought us multiple options and executed our preference flawlessly. This is the second time Aries has demonstrated their expertise and used their knowledge and resources to secure us with successful financing. We will definitely be back with our future financing needs,” said Mavis.